The global used electric vehicles market is estimated to be worth approximately US$ 17,890.5 million in the current year, with a projected compound annual growth rate (CAGR) of 8.4% over the forecast period. According to the latest analysis of the global used EV market, it is expected that the market's total value will reach US$ 40,078.9 million by the year 2033.
The international movement against global warming has had a positive and unprecedented impact with demand for electric vehicles experiencing a growing shock in every area. The increasing viability and affordability of pre-owned EVs, the popularity of high-end models, and extra subsidies and discounts that purchasers may take advantage of have strengthened the market.
According to industry experts, Europe is poised to lead the way in shaping global trends in various sectors related to sustainable development. The efforts made by European countries to reduce carbon emissions have played a pivotal role in the widespread growth of the electric vehicle (EV) market throughout the continent. Notably, countries like the United Kingdom, Germany, and France are actively promoting the increasing popularity of secondhand electric vehicles.
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To sum up, FMI predicts that electric cars are getting more and more affordable, irrespective of economic level, and the demand for used electric vehicles is anticipated to rise as time goes on!
Key Takeaways from the Used EV Market Study
- By having a huge market for electric vehicles than any other country, the United States is figured to have become the second leading market following Germany. The net worth of all used EVs purchased in the United States in 2022 summed up to US$ 1,429.3 million and acquired 8.7% of the global revenue.
- Germany, on the other hand, generated a revenue of US$ 2,217.8 million in 2022 from the resale of electric vehicles in the country. By the virtue of the presence of some of the leading used EV market players, it acquires 13.5% of the global market.
- Contrarily, the United Kingdom is one of the notable regions experiencing an above-average growth rate in the adoption of used EVs. In the present years, it is experiencing an annual growth rate of 12.6% which is expected to continue for the next ten years.
- Among the Asia Pacific countries, Japan is the leading region in the sale and resale of different types of electric vehicles. As per the survey report, the value of total used electric vehicles sold in the country was approximately US$ 575 million in 2022.
- Presently China is a remarkably growing region in the adoption of used EVs in the Asia Pacific region. According to the market analysis report, China used EV market is projected to register a CAGR of 9.8% over the forecast years.
- India is poised to set the record for demand and adoption of used EVs against any other country in the Asia Pacific. As per the experts at FMI, the annual growth rate of this emerging economy is anticipated to be around 9.8% from 2023 to 2033.
- Australia is another notable country studied for the market analysis for the recent rise in demand for used EVs in the country. Based on the used EV resale statistics figures, the net valuation of this used commodity in the country is expected to be around US$ 561 million by 2033.
For more information: https://www.futuremarketinsights.com/reports/used-ev-market
Competitive Landscape for the Used EV Market
Some of the renowned automotive companies that have also become used EV dealers are Audi AG, BMW AG, Hyundai Motor India, Jaguar Land Rover Limited, Mahindra and Mahindra Ltd., Mercedes-benz AG, MG Motor India PVT. Ltd., Olectra Greentech Limited, Tata Motors, and Toyata Motor Corporation among others.
